Syntax
DataSeries ConnorsRSI(DataSeries ds, int periodRSI, int periodStreak, int periodPR)
Parameter Description
| ds | A DataSeries to apply ConnorsRSI to |
| periodRSI | Period of the fast RSI (default: 3) |
| periodStreak | Period for the RSI of streaks (default: 2) |
| periodPR | PercentRank period (default: 100) |
Description
The ConnorsRSI indicator was created by Larry Connors of Connors Research. It combines three equally weighted constituents, representing price momentum, duration of up/down trend, and relative magnitude of price change:
- Price momentum is measured by fast 3-period RSI
- Duration of up/down trend is the sensitive 2-period RSI of closing price’s streaks. Streaks are recorded in an oscillating manner: for example, 2 consecutive closes up give a reading of 2, 3 consecutive declining closes give a -3, and an unchanged price is 0.
- Relative magnitude of price change compares the most-recent bar’s price change to previous price changes using the PercentRank function, or a percentile. We will use 1-day change of close price.
The three components of ConnorsRSI are averaged into the new indicator as follows:
ConnorsRSI(3,2,100) = [ RSI(Close,3) + RSI(Streak,2) + PercentRank(100) ] / 3
Reference
Example
See the code for ActiveTrader Mag article on "ConnorsRSI Pullback system" (when available).